Banking: At It Again

As the bureaucrat presiding over the nation's 4,815 national banks, Comptroller of the Currency James Joseph Saxon, 52, has swept away a lot of regulatory cobwebs, irritated two U.S. Presidents, feuded with much of the industry he regulates, and bickered with every other federal body involved in bank supervision: the Federal Reserve, the Federal Deposit Insurance Corp., the Securities and Exchange Commission and the Justice Department. Last week Arkansas Democrat John L. McClellan and his Senate investigation subcommittee lit into Jim Saxon—who naturally lit right back into McClellan.

Con Men & Raiders. In...